tv Cavuto on Business FOX News April 14, 2012 10:30am-11:00am EDT
>> take the money and run because if you think tax hikes on the rich will pay off by paying down our debt, you might want to think again. don't take my word for it. well, take a lot of people at the white house and their word for it. >> there are others who are saying well, this is just a gimmick, you know, just taxing millionaires and billionaires just imposing the buffet rule won't do enough to close the deficit. i agree. >> we have never made the case that this element of tax reform would by itself solve our deficit and debt challenges. >> for us, this was never our plan to bring the deficit down and get the debt under control. >> something is weird here. if it's got nothing to do with paying down the debt, then what exactly are the tax hikes for? >> make sure everybody else is -- >> it creeps me out. i know i've told you this past week, clowns have always freaked me out.
even as a kid, i would cry and go to ringling brothers and my dad would take out and say they're just clowns. would you calm down? it brought all these fears back to me. i digress. you don't need to hear about me, do you? you need to hear about me and my guest, i have ben stein with me, degan mcdowell and charles payne. the clown suit not withstanding. if the goal of this is never to address the debt, and i guess it's done in the name of fairness or whatever. someone lied to me. >> well, initially in the first part of the administration, they tried to take this agenda and wrap it around, you know, wrap economic policy around it. but i think the scary part of this is you're right, they've dropped the facade. forget about it. it's not about the economy. it's about fairness and social justice. the dream of the left is yew tonian. when the president said this week, the aspirations of the americans going to the middle class, i almost fell out my chair and almost cried. since totfield came to this
country, the aspirations of every american is to be rich. not to move into the middle class. this is scary staff. this is a meeting of socialism, capitalism together. it's been tried before, by the way, and always failed. >> the european -- >> you just crashed up the joint right there! >> let's bring it down! >> now it's time to bring it down. talk about the clown. >> coming down right now. >> i guess. >> you know, it is pretty scary that, you know, we should really talk about the man behind the rules, not just obama. it's warren buffet. it really is -- it's almost disgusting that he allows -- >> those over a million dollars pays at least 30%. which would effectively mean doubling the capital gains and tax rates on dividends. >> as we know, it's baloney and it's not going to produce a lot of revenue. it's used clearly for class warfare and for buffet to allow
his name to be used in this fashion is disgraceful. i can't remember a conservative republican businessman allowing his name to be used as a political prop as this. and i don't know why he gets away with it. i actually do know why buffet gets away with it because the left leaning media allows him to get away with it and it's really gross. >> what makes no sense is this taxes savings and investment in this country when we're a nation of debtors who want people to do the exact opposite but we're going to tax that. and the -- we're talking about the mass. the math is so insane. $46 billion that it raises. >> over 10 years. for 10 years saving a $47 trillion. >> we just ran a $300 billion deficit for one month. >> right. it is 17 days of the president's next decade. 17 days. so this is nothing but imposing the social ideas of our president and the people behind it. and that is penalizing the rich in this country. period. >> ben stein? >> well, at least it's a start.
i mean, something has to be done. why not start with that $47 billion? $47 billion is, i agree, not a lot in the context of federal spending but it's a start. we'll have to raise taxes even more. we're going to have to cut spending a la -- >> extend their hand. >> it's easier for us to raise taxes on the rich than certainly cut any of them? >> they're going to do anything. we are heading towards national default. that is a very unfortunate place to wind up and it's a place you don't want to be in. you'll have to raise taxes on the rich much more than that and raise taxes on the middle class. >> hold up, charlie. >> it's going to be drastic. >> go ahead, adam. >> where i think -- where i think we're on completely the wrong track here is to suggest that the administration is not interested in the deficit and is not interested in the debt because that's what -- that's how charles framed this. they are -- >> adam, add many, just to be fair here, just checking their prior transcripts and what they
said when they talked about tax hikes and fairness in the past, it's linked to the only way we can get this debt, the piling deficits under control is the rich to kick in and help us get it under control. they've taken it out of the argument now. >> where i would agree -- let me finish, charles. >> one second, he said we're going to take this money and we're going to apply it to clean energy projects. we're going to apply it to -- he even hints it at somehow he'd like to get corporate america to pay it down. >> i think we've applied the normal ratio i like throughout. you can answer that. go ahead. >> in the broad sense, i think it's wrong to suggest that the administration is uninterested in the deficit which is what -- >> lack of it. >> is what you're suggesting. hold on, i think they have a lack of -- >> i think you're right. >> in that they are being truthful about how they feel about this particular provision. and where i disagree with you, charles, and i think you've made an excellent point by bringing out the disagreement.
we did not get to be a great country with everybody wanting to be rich. we got to be a great country with everybody wanting to be comfortable. with everybody wanting to -- >> i disagree. >> i think the green -- >> i'm not going to be rich. >> got us over the top. >> one of the most annoying -- >> voltaire would die. >> one of the most annoying aspects of this thing is that buffet knows, i think he knows because he's a fairly intelligent guy. i think he's intelligent. >> fairly intelligent. that's generous of you. >> i think he's duplicitous. how generous is that? the problem isn't that taxes aren't high enough, it's government. why are we moving as ben says towards greece, towards default. because the welfare state is on overdrive. it keeps going up and the problem with this is that we are starting not with the welfare state, we're starting with taxes. this administration has done nothing but expand the welfare state and move us towards that armageddon that ben talked about
and if you're moving that way, i don't have a problem with higher taxes particularly on the filthy rich. start with cuts first and start with the real problem. >> the thing that never makes sense about the buffet rule and the minimum taxes, we already have the alternative minimum tax as a failure. it was designed to capture, make less than 200 rich folks pay more in taxes and now congress is forced to fix over and over and over and over again because it was not indexed to inflation keep it from hitting millions of americans. it was a patent failure in the way it was designed and now they're going to do it all over again. and just -- >> why do you think buffet is allowing his name to be used if a disgraceful way? >> because he wants to lower the deficit. >> it is not going to lower the deficit. >> it's going to lower it by something. >> it's going to be used for solyndra. it's going to be eaten up. it's not going to be used and it's a disgusting slice of life that warren buffet gets to run around and throw his name around. >> it won't be used for
solyndra. >> ben stein and charles -- >> used for solyndra. it's a disgrace. i agree. >> and it will be. and you know it. >> no, i i don't know it. >> yes, you do. you basically said it. >> how the hell do you know what i know? >> because he said it! he said it, that's why. >> you say i'm going to take this money and give it to solyndra. he said i'm going to use it for clean energy. >> what else, solyndra? what is ssolyndra? he didn't say he's going to give it to solyndra. >> we'll take a quick break here. i want everyone to hug. it's hard to do because ben is on remote. >> will you hug me? >> i didn't shave this morning. >> i don't know what's -- let's get back to voltaire. >> it started with voltaire who never, ever got upset, by the way. spending money at hearings, it's what d.c. does best. both are in the spotlight next month as g.s.a. officials are at capitol hill for some grilling over the over-the-top spending. some of the forbes gang is saying ditch the talk and get
rid of the g.s.a. all together. the supreme court kills the health care mandate, still going to get killed with sky-high medical bills. some are saying you either drive a stake into this whole law or it's coming back to suck all our blood! >> you're going to wish you'd died! "why did i roll over my i.r.a. to scottrade?" "for starters, it didn't cost me anything." "and i got a one-hundred dollar cash bonus for rolling over by april 16th." "i like bonuses." "plus at scottrade, there are thousands of commission-free investments." "and if i need help, i can find it online, by phone or at one of over five-hundred scottrade locations." "it's why more investors with i.r.a.s are saying.." "i'm with scottrade." ♪ [music] we've got to protect the environment. the economists make some good points. we need safer energy. [announcer:] who's right? they all are. visit powerincooperation.com.
so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. >> and good morning, everyone. i'm jamie colby. this is a fox news extreme weather alert. new reports of possible tornadoes touching down in central oklahoma. more than half a dozen states are bracing for what could be a day of storms. here's a look at the map here. meteorologists expanding the area at high risk for the worst conditions including parts of oklahoma, kansas and nebraska. you'll want to stay tuned for the very latest on this developing situation. we're also awaiting a meeting between president obama and world leaders in colombia. take a look at this video of the
president arriving at a dinner last night. the summit of the americas is set to begin in less than 30 minutes. the president to meet with latin america leaders to discuss trade issues and the rising influence of china in the western hemisphere. i'm jamie colby. i'll send you back to cavuto on business and the very latest weather news at foxnews.com. >> look at that. i don't think this is exactly what the doctor ordered even if the supreme court were to strike down the health care mandate that everybody has to get health insurance. still need to pay for the rest of the law because that still goes on, my friend. and this may be how. the institute of medicine is already urging the 2% tax on folks with private insurance and medicare to expand public health spending because they're still going to expand the spending. that means our medical bills still go up. the mandate goes down. they go up a lot more. >> the worst of all worlds is that the individual mandate gets
struck down. and the rest of the law stands because insurance companies will be required to insure all comers and then you won't have then young people who are healthy won't be buying the insurance and premiums will skyrocket and there's nothing in this health care law as it stands, as it's written that really reduces how much we spend as a nation on health care. john mccain actually on the campaign trail had a great idea about changing the way that health insurance is taxed in this country. that would reduce how much we consume. there's nothing that's happening that will do that and we're going to get taxed more to pay for the increased spending. >> i'm not an expert in this law. it does involve some degree of rationing. at that point, don't you consume less? >> no, it doesn't. not to a great degree. >> i don't know. >> there's an outcry over rationing. >> i think there was a degree of rationing -- listen. >> i mean, this thing is a
monstrosity. it's bazillions of pages. >> you would have to kill the whole thing. >> i think so. >> i believe the medicare provision kicks in to sell your house or whatever $200,000 is the surtax, 3.8% that goes to medicare. i think that's unusual for a lot of folks so then what? >> that is not going to be enough to make up for, let's say, that provision, the mandate provision being lost. so then do these doctors' recommendations, you would have to do something like that. >> you probably would. the bottom line is that this is something that there should have been some real thoughtful analysis, you have to rip it apart and take away the bureaucracy. i don't think there's anything more bureaucratic. >> i believe the supreme court addressed that, didn't they? breyer talked about it. >> two of the justices brought up the notion of killing the whole thing. >> can it exist without the whole thing? >> you're right. that would be the best. go ahead, adam. >> i want to congratulate you for making a case where it was a
mistake to try to invalidate this law. you're absolutely right. >> that's not what i said. no, no, adam once again. >> you did. >> true to your philosophical bent, you are taking what i said out of context. i said that the only way to kill this thing is to kill all of it. you get rid of the mandate. you're not getting rid of it at all. in fact, you might be making problems worse. that's what i said. >> and yet the opponents -- >> continue my, you know, obviously agenda driven friend. >> and yet, the opponents have opened the pandora's box because the supreme court considers constitutional issues, not political issues and not matters of, you know, the facts in this specific legislation. they say is this constitutional or not? and i want to point out a very important point because charlie did something particularly nasty a moment ago. all insurance is rationing, charlie. you know that. that's what insurance is. so to the extent that there's
more insurance with the mandate. >> if you have debt panels it takes you to a new level. >> where's the debt panel in your insurance policy? >> there is. >> a death panel in your insurance policy? >> yes. my insurer will reject certain things according to the rules of the policy. and you know that. >> i do want to stick to the topic and i want to bring ben steinba steinbach -- stein back in, a lot of people think the mandate thing will go in and we might rue the day? >> we might as well rue the day and it might be that mr. obama will withdraw the whole thing and institute a new policy but the idea of having a 2% tax on medical care is almost unbelievably preposterous, i can't think of a more regressive anti-health tax than to tax people who want to get in and get medical care. why would we do that? that's exact opposite of our goal which should be to get people getting medical care. >> targeting those that are better off, a surtax on those who have a plan or generous plan or medicare, and believe me, i'm
not subscribing to it but the idea to go after those who have a little bit more than the rest. >> but why -- why suppress their health either? i mean, surely we do not want to say, yeah, we have a big controversy a moment ago about how much we should tax the rich. >> you said that we should. >> but i don't think we should -- anyone agrees that we should deprive the rich of their health or the middle class of their health. if a person has a health insurance policy. >> you said in the last segment they can afford to pay more and they should. when it comes to health care, they should. that's exactly what -- >> the very wholesome idea of going to the doctor. i mean, we want people to go to the doctor. >> ok. >> i want you all to feel my pain when i pay the 10% tax a couple of times a week. >> me, too. i feel it. >> when you say it with that southern accent, you know. say no! to the payment tax! the food police picking another fight with mcdonald's. it wants it out of all obstacles. get ready for a food fight extraordinare.
think -- you're going to show a needle, it gives me the creeps. i think it is bolshevik mind control to try to control what we eat and people don't want to have a happy meal with a giant amount of fat. they can have a salad. mcdonald's has an unbelievably good salad. why kick them out of hospitals? let people make up their own minds. this isn't orwell. this is america. >> i know you're shaking your head. having been to a number of hospitals, i know of people who die in hospitals from the hospital food. >> right. >> go ahead. >> this is not a libertarian issue of personal accountability. this is about hospitals deciding what they think is healthy in hospitals. ben, there is nothing stopping patients and their families from leaving the hospital and going to mcdonald's. >> nothing stopping patients who are leaving the hospital. >> being treated. >> when they're done being treated, of course! i think we want our hospitals to
make tough decisions. >> my wife would sneak into the mcdonald's. >> this is poison. we're talking poison. mcdonald's is 90% poison. >> it is not! >> it's -- >> that's ridiculous! >> think about that. >> do 10 more pull-ups and shut up. >> why don't they just sell marijuana at the hospitals? >> i'm -- >> i really think we -->> the irony there, that will actually make you hungry so you'll go -- >> no. >> health care advocacy groups saying think about what goes on and saying this is crappy food. >> what do you think? >> making a campaign out of 27 mcdonald's in this country. there are 27 mcdonald's in hospitals in this nation. give me a break. if you're worried about the health of america, focus on something else. >> why serve people in -- why attack them for focusing on
them? >> i get nervous when anybody brings up mcdonald's. do you think it's good food? >> you can eat an egg mcmuffin and take out one of the buns and it's actually good for you. >> on the whole, 90% of that is -- >> you don't know. you made that up. >> charles, you just made that up! >> adam, i think it is about personal responsibility. i think it is about choice and by the way, more people die in hospitals from the germs. not from a big mac! if they really care, take care of the germs so when someone goes in for a routine procedure, they come out the next day. >> right. >> let me add one more thing. institutional food that the hospital serves if the mcdonald's aren't there or still serve next to the mcdonald's isn't really any better. no. >> yes, it is. >> oh, no. >> it doesn't taste better but it's better for you. >> ok. well, you're all crazy. i want to thank charlie and degan. by the way, both of you just go out and get a big mac and shut up! >> going to eat a salad. >> please. >> up next, spooked by the wild
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[ charlie ] we're the heartbeat of this place, the people on the line. we take pride in what we do. when that refrigerator ships out the door, it's us that work out here. [ michael ] we're on the forefront of revitalizing manufacturing. we're proving that it can be done here, and it can be done well. [ ilona ] i came to ge after the plant i was working at closed after 33 years. ge's giving me the chance to start back over. [ cindy ] there's construction workers everywhere. so what does that mean? it means work. it means work for more people. [ brian ] there's a bright future here, and there's a chance to get on the ground floor of something big, something that will bring us back. not only this company, but this country. ♪ we have two car insurances that we're going to have you taste. the first one we're going to call x. go ahead and take a sip, and then let me know what the baby thinks of it. four million drivers switched to this car insurance last year. oh, she likes it babies' palates are very sensitive so she's probably tasting the low rates. this is car insurance y, they've been losing customers pretty quickly.
oh my gosh, that's horrible!, which would you choose? geico. over their competitor. do you want to finish it? no. does the baby want to finish it? no. staid thought to keep you from sailing throughout market. >> coke looks good and a low beta stock. it pays generous dividends and a solid company. >> ben, what about you. >> spiders are the market and so i think you can't do better than that. and the other two are great choices. >> and then confident that the market is going to be stable or get worse. not at all. >> i am not confident about anything except i like mcdonalds. >> dave asbin i don't know if he loves mcdonalds